Gabriel Bernardino, Chairman of EIOPA, speaks on cyber-insurance, Brexit, outsourcing, InsurTechs, GDPR, HIM, Solvency II and IDD in an interview.
Mr Bernardino calls for an EU-wide cyber incident reporting in order to foster data collection and data sharing on cyber risk exposures. With more and a better collection of data on cyber incidents and losses, insurers should be in a better position to manage and price their affirmative cyber risk exposures by making use of policy limits and/or reinsurance to transfer accumulation/tail risks. Also, some form of government backstop might be needed to address potential systemic cyber events.
Read the whole interview with Gabriel Bernardino